CleanSpark signs $6.6 billion data‑center lease, shares jump 12%

CleanSpark (NASDAQ:CLSK) shares surged 12% to $13.85 on Tuesday, the biggest single‑day gain in weeks, after the Bitcoin miner disclosed a 20‑year triple‑net lease worth roughly $6.6 billion for its Sandersville, Georgia facility. The deal, which adds an estimated $330 million of annual net operating income, instantly positioned the company’s revenue outlook far above its current market capitalization and set the tone for a broader shift from mining to high‑performance compute infrastructure.

Lease details and timing

The lease covers the entire 250‑megawatt Sandersville site, dedicating 175 MW to critical IT load for a high‑performance computing (HPC) data center. Under the triple‑net structure, CleanSpark expects to generate about $330 million of average annual net operating income, essentially a near‑100% NOI margin according to CFO Gary Vecchiarelli [2]. Two five‑year extension options could stretch the contract to 30 years and raise total contract value to roughly $11.6 billion. Deliveries, however, will not begin until Q4 2027, with additional data halls ramping up into early 2028, making the revenue impact a multi‑year story [2].

Market context and peer contrast

CleanSpark’s market cap sits near $6 billion, meaning the lease value is roughly 1.1 times its entire equity valuation—a scale unmatched by its mining peers. By contrast, Riot Platforms’ AMD lease is valued at $636 million over ten years, an order of magnitude smaller [1]. The broader crypto‑mining sector showed little movement; peers such as Riot, MARA, Hut 8 and HIVE were flat or marginally higher, while Bitcoin itself rose only modestly and the iShares Bitcoin Trust ETF gained 3% [1]. Short interest in CleanSpark is high at 33%, underscoring the volatility risk despite the bullish lease news [1].

Financing outlook

CleanSpark plans to fund the Sandersville build‑out—estimated at $10‑$12 million per megawatt of IT load—primarily through project‑based debt, citing recent market trends of higher loan‑to‑cost ratios and lower interest rates for high‑grade tenants [2]. The company held about $200 million in cash and an undrawn $400 million Bitcoin‑backed revolver as of June 30, and it has not issued new equity in over 20 months, having repurchased more than $600 million of its own shares [2]. The financing mix will be a key focus for investors, as equity dilution could pressure the stock even as the lease builds future cash flow.

What to watch

• Construction milestones – Completion of the first data hall by Q4 2027 and subsequent halls in early 2028.
• Texas exclusivity window – Conversion of the letter of intent for the 718‑acre Texas portfolio into a signed lease, which could add up to 885 MW of capacity.
• Short‑interest dynamics – Monitoring whether the 33% short interest translates into price pressure or further upside as the lease details unfold.

The lease marks a transformational pivot for CleanSpark, turning a Bitcoin‑mining operation into a potential AI‑infrastructure player. The real test will be whether the company can marshal debt financing without diluting shareholders and deliver the data‑center build‑out on schedule, thereby converting the $6.6 billion contract into sustainable cash flow.